Platform Specialty Products Corporation Announces Sale of Arysta LifeScience
20 Julio 2018 - 6:44AM
Platform Specialty Products Corporation (NYSE:PAH) ("Platform")
announced today that it has signed a definitive agreement to sell
its Agricultural Solutions business, which consists of Arysta
LifeScience Inc. and its subsidiaries (collectively, “Arysta”), to
UPL Corporation Ltd. (“UPL”) for $4.2 billion in cash, subject to
customary closing conditions, adjustments and regulatory
approvals. The agreement values Arysta on a debt free, cash
free basis and is subject to customary working capital and other
adjustments. This transaction represents the achievement of
Platform’s objective of separating its Agricultural Solutions and
Performance Solutions businesses, while establishing a pre-eminent
global off-patent crop protection business. UPL is a global
leader in the crop protection market, and this combination would
form one of the largest crop protection companies in the world with
an integrated, efficient supply chain, formulation expertise and
global distribution capability.
The closing of this transaction will also mark the culmination
of a separation process announced by Platform in August 2017.
In the five years since its founding, Platform has built two
distinct, high-quality specialty chemicals companies with
leadership positions in attractive end-markets. These two
businesses operate separately and are of sufficient scale and
quality to stand alone. It was in that context that Platform
pursued this separation.
Management Commentary
Platform’s Chief Executive Officer Rakesh Sachdev said, “The
combination of Arysta and UPL, two remarkably complementary
companies, will create a new paradigm in the crop protection market
with an efficient supply chain and formulation innovation
capabilities. This new company is positioned to provide strong
local customer solutions around the world with selling presences
for broad acre and niche crops, supplemented by a leading
bio-solutions business. With its scale and capabilities, we
believe the combined companies will represent a compelling value
proposition for growers, distributors, suppliers and innovation
partners in a consolidating market.”
Sachdev continued, “Arysta grew and matured immensely during our
period of ownership through acquisitions, integrations and
investment. This is a terrific company with robust global
sales and innovation capabilities, proven products, and world-class
talent. We are thankful for what Arysta accomplished during
its time as a part of Platform and for the efforts of its team
around the world.”
Martin E. Franklin, Chairman of Platform, commented, “We decided
to separate our businesses last year in order to position both the
Performance Solutions and Agricultural Solutions businesses for
future growth and additional compelling value creation
opportunities. This transaction with UPL creates an
agricultural chemicals powerhouse with highly complementary
capabilities. The future is bright for these businesses, and
we are excited to see what the two combined companies can
accomplish.”
Jai Shroff, Group Chief Executive Officer and Executive Director
of UPL Limited, the parent company of UPL, said, “The acquisition
of Arysta is a transformational transaction for UPL. Arysta has a
differentiated position in the crop protection market given its
focus primarily on specialty applications and tailored local
solutions. This is in line with our long-term vision of becoming a
premier global provider of agricultural solutions designed to
secure the world’s long-term food supply. This transaction is a
“perfect match" with powerful synergies across geographies, crops
and products, strengthened through best-in-class manufacturing and
differentiated R&D capabilities. We are bringing together two
winning teams with strong values and successful track records to
create a strong platform for our mission of “Farmer First” and
sustainable growth. New UPL will focus on making agriculture more
sustainable and farmers more resilient to impact of climate change
and is committed to speeding progress towards the UN’s 2030
sustainable development goals.”
Conference Call
Platform will host a webcast/dial-in conference call to discuss
the transaction and these other announcements at 8:30 a.m. (Eastern
Time) on July 20, 2018. Participants on the call will include
Martin E. Franklin, Chairman; Rakesh Sachdev, Chief Executive
Officer; and Benjamin Gliklich, Executive Vice President –
Operations and Strategy.
To listen to the call by telephone, please dial (855) 357-3116
(domestic) or (484) 365-2867 (international) and provide the
Conference ID: 4999088. The call will be simultaneously webcast at
www.platformspecialtyproducts.com.
A replay of the call will be available for three weeks shortly
after completion of the live call at
www.platformspecialtyproducts.com.
About Platform
Platform is a global and diversified producer of high-technology
specialty chemicals and a provider of technical services. The
business involves the formulation of a broad range of
solutions-oriented specialty chemicals, which are sold into
multiple industries, including automotive, agriculture, animal
health, electronics, graphic arts, and offshore oil and gas
production and drilling. More information on Platform is available
at www.platformspecialtyproducts.com.
Forward-looking Statements
This press release contains forward-looking statements,
including, but not limited to, statements related to the planned
sale of Arysta and the timing for completion of this transaction;
the ability of the parties to close this transaction, including
obtaining regulatory approvals and meeting other closing
conditions; the creation of a new crop protection company; and the
benefits expected from the transaction for the new combined entity.
Actual results could differ from those projected due to numerous
factors, including, without limitation, the parties’ ability to
successfully complete the proposed separation; the timing for
completion; adverse effects on the parties' business operations or
financial results; market volatility; legal, tax and regulatory
requirements; unanticipated delays and transaction expenses; the
impact of the transaction on Platform's employees, customers,
suppliers and lenders; the diverting of management's attention from
Platform's ongoing business operations; and the possibility of more
attractive strategic options arising in the future. Additional
information concerning these and other factors that could cause
actual results to vary is, or will be, included in Platform's
periodic and other reports filed with the Securities and
Exchange Commission, including Platform's annual report on Form
10-K for the year ended December 31, 2017. These
forward-looking statements are made as of the date of this press
release and are based on management's estimates, assumptions and
expectations with respect to future events and financial
performance. Platform undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT:
Investor Relations Contact:
Carey DormanVice President, Treasurer and Investor
RelationsPlatform Specialty Products Corporation1-561-406-8465
Media Contact:
Liz CohenManaging DirectorKekst1-212-521-4845
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